Politics
A Complete List of Everything in the Republican Bill, and How Much It Would Cost or Save
Depreciation allowance for qualified production property
Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements
Business interest deduction
Change calculation of adjusted taxable income
Depreciation allowance for certain property
Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030
Expensing of certain depreciable business assets
Increase dollar limitations
Deduction of domestic research and experimental expenditures
Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030
Charitable contributions to organizations with scholarships
Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.
“MAGA accounts”
Create new savings accounts for children, with a government contribution of $1,000 per child born from 2024 to 2028
The name was changed to “Trump accounts”
Small manufacturing businesses
Change accounting rules
Low-income housing credit
Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas
Reporting threshold for payments
Increase thresholds for reporting payments to independent contractors and other payees
Employer payments of student loans
Make the exclusion from gross income permanent and index for inflation
Opportunity zones
Renew and make changes to the existing program
Adoption tax credit
Make credit partially refundable and change rules for tribal governments
Interactions between provisions
Firearm silencers
Eliminate transfer tax
A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.
Loans secured by rural or agricultural real estate
Partially exclude interest on certain loans
Certain income earned in the U.S. Virgin Islands
Exempt income for the purposes of a “GILTI” deduction
Employer-provided child care credit
Permanently increase, add a new separate amount for small businesses, index for inflation
Repeal excise tax on indoor tanning
This provision was removed from the bill.
Sound recording productions
Increase ability to expense certain costs of producing sound recordings
529 savings plans
Expand allowed expenses
Disaster-related personal casualty losses
Extend rules
Certain purchases of employee-owned stock
Disregard for purposes of foundation tax on excess business holdings
Exclusion of research income from unrelated business taxable income
Limit to publicly available research
I.R.S. Direct File program
Replace program with a public-private partnership to offer free tax filing
Increase penalties for unauthorized disclosures of taxpayer information
Postpone tax deadlines for those wrongfully detained abroad
Restrict regulation of contingency fees
Terminate tax-exempt status of certain organizations
Organizations that “provided more than a minor amount of material support or resources to a listed terrorist organization”
Wagering losses
Permanently extend limit
Qualified bicycle commuting reimbursement
Permanently eliminate the exclusion
American opportunity and lifetime learning credits
Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns
Sports franchises
Limit amortization deductions for certain sports-related intangibles
Increase penalties connected to Covid-related employee retention credits
Unrelated business taxable income of a tax-exempt organization
Increase by amount of certain fringe benefit expenses for which deduction is disallowed
Name and logo royalties
Treat as unrelated business taxable income
Tax on excess compensation within tax-exempt organizations
Expand application of tax
Mortgage, casualty loss and other itemized deductions
Permanently lower the home mortgage interest deduction to the first $750,000 in debt, limit the casualty loss deduction to losses resulting from federally declared disasters and terminate miscellaneous itemized deductions
Investment income of certain private colleges and universities
Increase excise tax for wealthier institutions
Excise tax for tobacco products
Limit drawback of taxes paid with respect to substituted merchandise
Moving expenses exclusion and deduction
Permanently eliminate both, except for active-duty military
Earned income tax credit
Make changes to prevent duplicate claims and create a program integrity task force
Compensation paid to certain high-earning employees
Change deduction limitation rules
Investment income of tax-exempt private foundations
Increase excise tax rates
Charitable contributions made by corporations
Establish a floor of one percent of taxable income on deduction
Excise tax on on money sent abroad
Impose new excise tax on remittance transfers by those who are not U.S. citizens or U.S. nationals
Limitation on excess business losses by noncorporate taxpayers
Make permanent
De minimis entry privilege
Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free
New limitation on itemized deductions
Permanently change
Raise certain taxes to retaliate against “unfair foreign taxes”
State and local tax deduction
Permanently cap itemized deductions for state and local taxes at $30,000 per household. The current cap is set to expire next year, so any cap imposed would save the government money.
Late negotiations increased the SALT cap to $40,000. That change is not reflected in the savings shown here.
Politics
California Democrats launch pricey polling effort to winnow crowded gubernatorial field
As anxiety mounts among California Democrats about the potential of a Republican being elected governor, the state party will spend hundreds of thousands of dollars on polling to assess the viability of the sprawling field of candidates hoping to replace termed-out Gov. Gavin Newsom, according to plans released Tuesday.
The move comes after nearly every Democratic candidate refused party leaders’ call last week to withdraw from the race to avoid splitting the vote in the June primary — an outcome that could lead to a Republican being elected to statewide office for the first time in two decades.
“Candidates have filed, and now they’ve got the opportunity to showcase their viability, their path to win. I want to simply ensure that everybody has information to fully understand the current state of the race,” said Rusty Hicks, the leader of the California Democratic Party.
As campaign season ramps up, the series of six polls will allow “candidates, supporters, the media, voters, anyone and everyone to have a clear understanding of what is or is not happening in this particular race,” he said.
The filing deadline to appear on the June 2 ballot was Friday. Three days earlier, Hicks released an open letter urging candidates who did not have a path to victory to withdraw from the race. Of the nine prominent Democrats who had announced runs for governor, only one heeded his call: former state Assembly Majority Leader Ian Calderon.
That means the eight other candidates’ names will appear on the ballot, regardless of whether they decide to later drop out. And that creates the possibility of a Republican winning the race because of how California elections are decided.
The state has a voter-approved top-two primary system, under which the two candidates who receive the most votes in the June primary advance to the November general election, regardless of party.
Two prominent Republicans will appear on the ballot: former conservative commentator Steve Hilton and Riverside County Sheriff Chad Bianco. Even though Democratic voters outnumber Republicans nearly 2 to 1, and the state’s electorate last elevated Republicans to statewide office in 2006, it is mathematically possible for Democrats to splinter the vote, allowing the two GOP candidates to advance.
Under such a scenario, not only would Republicans be guaranteed the leadership of the nation’s most-populous state, but Democratic voter turnout also would probably be depressed in November, potentially affecting down-ballot races such as those that could determine control of Congress.
Hicks’ call last week prompted concerns among candidates of color, including former U.S. Health and Human Services Secretary Xavier Becerra and state Supt. of Public Instruction Tony Thurmond, that the effort was aimed at every nonwhite candidate in the race.
The state party chairman responded that his letter was not aimed at any specific candidate.
“It’s not something I lose sleep over,” Hicks said when asked about the racial claims. But he added that the voter surveys will be conducted by Los Angeles-based Evitarus, the state’s only Black- and Latino-led full-service polling firm, and will oversample historically underrepresented communities: Latino, Black and Asian American voters.
Hicks said the polling will cost “multiple six figures” but did not specify the exact amount.
The first poll will be released on March 24, and then five additional surveys will come out every seven to 10 days until voters start receiving mail ballots in early May.
“We’re putting this forward to ensure everyone is armed with the information they need to clearly have an eyes-wide-open assessment of where the state of the race currently is between now and when ballots land in the mailboxes of voters,” Hicks said.
Politics
Trump reveals top issues GOP should focus on to secure midterms victory: ‘I’ve never been more confident’
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President Donald Trump outlined five key items he believes will tip the upcoming midterm elections in the GOP’s favor — if Republicans can muscle them through Congress.
“No transgender mutilation surgery for our children,” Trump told an audience at the Republican Members’ Issues Conference. “Voter ID, citizenship [verification], mail-in ballots, we don’t want men playing in women’s sports.”
“It’s the best of Trump. Those are the best of Trump. This is the number one priority, it should be, for the House,” Trump said.
Trump’s exhortations to Republican lawmakers come as the GOP wages an uphill campaign to hang on to a controlling majority in the House of Representatives and the U.S. Senate. He framed his legislative priorities as a way for Republicans to capitalize on popular demands within the GOP base that would increase their chances of preserving a Republican governing trifecta.
President Donald Trump gestures as he boards Air Force One before departing Palm Beach International Airport in West Palm Beach, Florida, on March 1, 2026. (Mandel Ngan / AFP via Getty Images)
HOUSE REPUBLICANS PUSH ELECTION OVERHAUL WITH VOTER ID, MAIL-IN BALLOT CHANGES AHEAD OF MIDTERMS
Currently, Republicans hold just four more seats than Democrats in the House of Representatives.
The GOP holds six more than Democrats in the Senate.
To keep the numbers in their favor, Republicans will need to beat historical trends. In the vast majority of past cases, parties that capture the White House in presidential elections face blowback in the midterms. Notably, the last time a majority party gained seats in both chambers of Congress in the midterms came under the Bush administration in 2002, following devastating attacks on the World Trade Center.
House Speaker Mike Johnson, R-Louisiana, left, and President Donald Trump shake hands during an Invest America roundtable in the State Dining Room of the White House in Washington, District of Columbia, on June 9, 2025. (Yuri Gripas/Abaca/Bloomberg via Getty Images)
REPUBLICANS, TRUMP RUN INTO SENATE ROADBLOCK ON VOTER ID BILL
Trump said he believes Republicans have a shot at bucking the trend come November if they focus on his list.
“It’ll guarantee the midterms,” Trump said of his legislative priorities.
Republicans have already taken strikes towards two of them through the SAVE America Act, a piece of legislation that would require proof of citizenship to register to vote and cast a ballot. That bill cleared the House last month for a second time in the 119th Congress.
Its future is uncertain in the Senate, where Republicans would need the assistance of seven Democrats to overcome the 60-vote threshold to defeat a filibuster. Democrats, for their part, believe the legislation would disenfranchise voters who cannot readily provide documented proof of citizenship through a passport, REAL ID, or birth certificate.
Senate Majority Leader John Thune, R-S.D. has promised a vote on the package despite its long odds.
Sen. Mike Lee, R-Utah, talks with a guest during a “Only Citizens Vote Bus Tour” rally in Upper Senate Park to urge Congress to pass the Safeguard American Voter Eligibility (SAVE) Act on Wednesday, Sept. 10, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
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Several members have introduced bills on transgender issues, although none of them have cleared either chamber.
“I’ve never been more confident that if we keep these promises and deliver on this popular agenda, the American people will stand with us in overwhelming numbers, just as they did in 2024,” Trump said.
Politics
U.S. and Israeli war in Iran, which Trump says will be ‘short term,’ has global reach
Dozens of civilians, including children, wounded by an Iranian drone strike in Bahrain. France deploying warships to secure shipping commerce in the Strait of Hormuz. Australia taking heat from President Trump over its handling of the Iranian women’s soccer team. Markets across Asia plunging as the price of oil surged.
Lebanon reporting half a million people displaced by fighting between Israel and Hezbollah. The U.S. State Department telling nonessential staff to get out of Saudi Arabia after attacks there killed workers from India and Bangladesh. Ukrainian anti-drone experts turning their attention from their war with Russia to help intercept Iranian attacks. The defense minister of ever-neutral Switzerland saying his country believes the U.S.-Israeli war violates international law.
In less than two weeks, the Trump administration has instigated a truly global conflict — and with no quick and clear path to resolution, despite Trump insisting to congressional Republicans gathered at his Miami resort Monday that it would be a “short term excursion.”
“Short term! Short term!” Trump said in a bullish speech about the conflict, in which he said “the world respects us right now more than they have ever respected us before.”
“We’re counting down the minutes until they will be gone,” he said of Iran’s remaining leadership, while adding that the U.S. “will not relent” until Iran is “totally and decisively defeated.”
The war is not isolated to Iran, though it has certainly caused devastation there — with more than 1,300 deaths reported and toxic clouds from strikes on fuel depots hovering over Tehran, a city of some 10 million people.
The war’s effects also are not limited to the Middle East, though they are widespread there — as Israel has pushed into Lebanon and Iran has launched a wave of retaliatory strikes on U.S. allies across the Persian Gulf. The fighting has grounded regional air traffic, threatened desalination facilities that provide drinking water to millions and undermined the safe reputation of modern metropolises such as Dubai and Abu Dhabi.
Unlike the recent U.S. incursion into Venezuela to capture and oust President Nicolás Maduro, the U.S. war on Iran has been met with stiff resistance militarily, drawn in a slew of allies, reignited proxy battles, drastically destabilized the oil trade and shifted dynamics between the U.S. and other major powers such as China and Russia.
China, which gets upward of 50% of its crude oil imports through the Strait of Hormuz, has largely stayed out of the conflict, though China’s Foreign Minister Wang Yi said Sunday that the war “should never have happened” and “benefited no one.”
Trump said Monday that the U.S. is less harmed by strait disruptions, and was “really helping China” by securing the strait.
Russia, meanwhile, has emerged the lone winner of energy disruptions in the region, said Robert David English, a UCLA international policy analyst — as the Trump administration considers reducing oil sanctions on Russia to take pressure off of Mideast sources.
Trump said he had a “good talk” with Russian President Vladimir Putin about Iran on Monday. He also said the U.S. was going to suspend sanctions against other countries in order to alleviate strain on oil markets while the Iran conflict persists, but did not provide specifics.
The scope of the war has been dictated in part by Iran, which has historically limited its responses to U.S. strikes but warned after the U.S. bombed its nuclear sites last summer that it would treat any new attacks — large or small — as an act of war, and respond in kind.
Its strikes on U.S. facilities and allies throughout the region reflect that strategy, and are aimed in part at making the war more politically costly for the U.S. by straining global markets and its regional allies, experts said.
However, “you can’t attribute the increasingly global characteristics of the conflict solely to an Iranian strategy, because wars in this region tend to spill over the longer they last, with unintended consequences” including “bringing in all kinds of actors that don’t want to be involved,” said Kevan Harris, an associate professor of sociology who teaches courses on Iran and Middle East politics at the UCLA International Institute.
That can serve as a deterrent to starting wars in the region, he said, but “also makes them more difficult to wind down.”
The surge in oil prices to nearly $120 a barrel Monday — before a remarkable reversal to below $90 by the time U.S. stocks closed — is one of the furthest-reaching effects of the war, and one that clearly had Trump’s attention.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote on social media Sunday.
How long prices will remain elevated or volatile is a matter of debate, but Trump’s “short term” projections have been undercut by increasing strikes on oil and gas facilities in the region.
“If you can tolerate oil at more than $200 per barrel, continue this game,” Ebrahim Zolfaghari, a spokesperson for Iran’s Islamic Revolutionary Guard Corps, said Sunday.
Prices at the pump have surged for average Americans, some of whom were attracted to Trump’s candidacy because of his promises to avoid foreign wars and focus on driving down the cost of living for U.S. citizens.
Now, Trump and other administration officials are facing questions about their own role in putting the world at war, and offering various different justifications. They’ve asserted without proof that the U.S. faced an imminent threat of attack from Iran. Trump has repeatedly hinted that his goal was removing the government.
President Trump speaks at the Republican Members Issues Conference on Monday at Trump National Doral Miami in Doral, Fla.
(Mark Schiefelbein / Associated Press)
In the meantime, Iran has shown no signs of bowing to Trump, rejecting his calls for “surrender” and for him to have a say in naming their next leader. Iran installed Mojtaba Khamenei after Trump said the hard-liner son of the late Ayatollah Ali Khamenei would be “unacceptable.”
The choice was hailed by the president of Azerbaijan and the leader of Yemen’s Houthi rebels, among other allies.
To date, seven U.S. service members have been killed in the conflict, according to U.S. officials. Every day, U.S. taxpayers are on the hook for nearly $1 billion in war costs, according to one estimate. Democrats have slammed Trump for both.
“This war is coming from the same President that is building a $400 million ballroom in the White House. The same President that says $100 for a barrel for oil is worth it. The same President that doubled healthcare premiums for millions of Americans. But we have money for another endless war?” Sen. Alex Padilla (D-Calif.) wrote Monday on X.
Other world leaders focused on the global economic impact.
Traffic through the Strait of Hormuz, which transports about 20% of the world’s oil, has nearly halted, while producers in Saudi Arabia, Iraq, Kuwait and the United Arab Emirates ceased oil operations without open routes for export.
In response, French President Emmanuel Macron suggested French and other allied naval assets could escort oil tankers in the strait, shifting the security burden there from Washington onto Europe, leaving European vessels vulnerable to hostilities and potentially drawing the European Union deeper into the conflict.
Already, they’ve agreed to allow the U.S. to use bases in their territories, though the U.S. and Spain got into a spat after Spain rejected U.S. use of its bases and Trump threatened U.S. trade with the country.
Macron on Monday also threw additional military support behind Cyprus, following a meeting with Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis at a Cyprus air base.
France will dispatch an additional 11 warships to operate across the eastern Mediterranean, the Red Sea and the Strait of Hormuz, Macron said, after an Iranian drone struck a British military base on Cyprus on Monday.
“When Cyprus is attacked, it is Europe that is attacked,” Macron said.
Located just 150 miles from Israel in the eastern Mediterranean, the island of Cyprus has emerged as a strategic — and exposed — nerve center in the U.S. offensive against Iran. It hosts vital British military bases and acts as an intelligence, surveillance, and logistics hub in countering Iranian influence and proxy attacks.
Britain’s Defense Secretary John Healey said Monday that the United Kingdom was conducting air defense to support the UAE, and that Typhoon jets had taken out two drones — one over Jordan and the other headed to Bahrain.
Trump suggested Monday that the U.S. was on the path toward victory, but acknowledged it had not accomplished all of its goals.
“We’ve already won in many ways, but we haven’t won enough,” he said — adding the conflict will end “pretty quickly.”
He said Iran had been “very foolish, very stupid” when it attacked its neighbors, hurting its own chances of success in resisting the U.S.
“Their neighbors were largely neutral, or at least weren’t gonna be involved, and they got attacked,” Trump said. “And it had the reverse effect. The neighbors came onto our side, and started attacking them.”
Iran may still attempt to widen the conflict’s economic and geopolitical impact to keep up pressure and push for a ceasefire in its favor, but that could also backfire, said Benjamin Radd, a political scientist and senior fellow at the UCLA Burkle Center for International Relations.
“Iran’s becoming increasingly like North Korea in this sense,” he said, “isolating itself further.”
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